Bitcoin price action in correlation with USDT dominance
Many forget about USDT.D chart.
It doesn't tell us complete FIAT dominance but it can help us to follow BTC seasonality more precisely.
Chart is simple. If there is a lot of FIAT (USDT.D is at higher boundary) then capital goes from FIAT to BTC (and alts) and vice versa.
Many are calling BTC bottom at recent drop to 50-51k region, some of them said bottom was at 54k etc., but if you look at this chart it looks like we are not at the bottom yet.
To keep up with current market structure USDT.D has to reach 5.5-6% of market dominance (approx. 75% gain), while BTC has to drop another approx. 20% (36% from the ATH).
BTC 35-40% corrections are well known to everyone and I wouldn't rule out it in this situation. Big red day/week, massive long liquidation and quick buy back wouldn't surprise me at all.
Everyone are still bullish, there is some fear but it is not even close to how it was in real corrections.
Prepare your FIAT and place some orders, drop could be quick. Don't rule out the possibility that some pages will fall (Coinbase).
Good luck to all and buy the dip! ;)
It doesn't tell us complete FIAT dominance but it can help us to follow BTC seasonality more precisely.
Chart is simple. If there is a lot of FIAT (USDT.D is at higher boundary) then capital goes from FIAT to BTC (and alts) and vice versa.
Many are calling BTC bottom at recent drop to 50-51k region, some of them said bottom was at 54k etc., but if you look at this chart it looks like we are not at the bottom yet.
To keep up with current market structure USDT.D has to reach 5.5-6% of market dominance (approx. 75% gain), while BTC has to drop another approx. 20% (36% from the ATH).
BTC 35-40% corrections are well known to everyone and I wouldn't rule out it in this situation. Big red day/week, massive long liquidation and quick buy back wouldn't surprise me at all.
Everyone are still bullish, there is some fear but it is not even close to how it was in real corrections.
Prepare your FIAT and place some orders, drop could be quick. Don't rule out the possibility that some pages will fall (Coinbase).
Good luck to all and buy the dip! ;)
Comment:
So far it looks like we are on the track, but I didn't expect dumps so fast. Especially during the weekend!